COVID-19 update – business as usual

As the impact of COVID-19 continues to affect us all, we wanted to thank you for your continued support. We remain dedicated to you and your customer and would like to reassure you that it’s business as usual here at InterBay Commercial. Our service remains strong, and we’re here to assist you and your customers as much as possible.

Full physical inspections for commercial, semi-commercial, buy to let and holiday let applications will continue to take place through Connells via the usual process, in a COVID-secure manner. Connells have issued clear guidance surrounding property inspections. If this guidance isn’t adhered to, surveyors could choose not to proceed with a valuation, but still charge a fee for a visit.

Residential applications

• Furlough income is not acceptable as an income source.

• SEISS payments aren’t acceptable as an income source.

• Bounce back loans and CBILS aren’t acceptable as a source of deposit.

Buy to let applications

• We’ll consider applications from landlords currently in receipt of furlough/SEISS payments, however top slicing is not available.

• The latest bank statement is required to evidence rent / mortgage payments.

• Bounce back loans and CBILS aren’t acceptable as a source of deposit.

There may be additional underwriting requirements. If you have any queries related to your application, please contact your specialist finance account manager.

• As a regulated firm, our customer due diligence requirements are governed by Anti-Money Laundering legislation and therefore our scope to change is restricted. In order to meet legislation our requirement is that either InterBay Commercial or an authorised partner must see the original identification document prior to entering into the relationship.

• In response to the COVID-19 situation, on a temporary basis and in order assist you and your customers, we’ll now accept the following documents uncertified.

Passport

• A ‘clear’ photograph of the passport which must also be accompanied with a ‘selfie’ photograph of the holder.

Driving licence

• A ‘clear’ photograph of the licence which must also be accompanied with a ‘selfie’ photograph of the holder. In addition your customer must use https://www.gov.uk/view-driving-licence and provide a code where the driving licence can be validated.

• If your firm has implemented a digital ID solution that captures and validates a customer’s identity document we may be able to accept this. We’re already accepting copies of the validation reports containing the picture ID from a number of Digital ID providers including Amiqus, TransUnion, Credas, Onfido, LexisNexis, TrustID and Yoti.

• Alternatively, your customer can send their identity document directly to us. It’s recommended that all documents are sent via registered post.

FAQs

We cater for the needs of a wide variety of businesses and entrepreneurs, including: individuals, limited companies, limited liability partnerships (LLPs), self-invested personal pensions (SIPPs), small self-administered schemes (SSAS) and trusts. Individuals: When lending to individuals, our standard conditions apply and are dependent on the status of the applicant (i.e. employed, self-employed, owner occupier or investor). Note: Loans are available: for applicants acting solely within their trade, business or profession, and when the purpose of loan solely relates to such trade, business or profession Limited companies: For limited company applications, the majority shareholders must be party to the application. They will be required to provide a full personal guarantee. Limited companies registered outside of England or Wales will be considered on a case-by-case basis. Limited liability partnerships: These will be treated much the same as limited companies. Self-invested personal pensions and small self-administered schemes: We’ll need to carry out due diligence on the pension scheme and the commercial tenant. Trusts: A copy of the trust deed will always be required.

There are occasions when we will require a meeting. This tends to be in cases where our loan exposure to the applicant exceeds £3,000,000. These face-to-face meetings happen prior to issuing a Formal Offer.

The ICR is the calculation we use to determine that the loan is affordable on an investment basis and that the market rent determined by the valuer provides adequate cover for the loan repayments. We expect cover to 125%-160% of the interest-only payment, depending on the property type and whether or not we are lending to a limited company. For full details please see the individual product pages.

Strictly speaking, we do not have limits on concentration. However, we may seek to either limit the LTV or load the pay rate to reflect the concentration risk.

Gifted deposits will be considered but only where the gifted deposit is from an immediate family member e.g. parents, siblings and/or grandparents.

Yes, subject to certain restrictions.

InterBay will allow Gold Key Partners to operate as a packager for straight forward Buy to Let business and to submit a fully packaged case for a formal offer.

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This information is for mortgage professionals only and not intended for use by the general public. All rates, programmes and pricing are subject to change at any time and without prior notice. Mortgages are subject to valuation and approval.